On June 8, 2023, the S&P 500 index closed at 4,293.93, just over 20% higher than its lowest recent closing value of 3,577.03 reached on October 12, 2022.1 According to a common definition of market cycles, this indicated that the benchmark index was officially in a bull market after a bear market that began in January […]
Read MoreMonth: June 2023
The Markets (as of market close June 23, 2023)
Recession fears sent stocks lower during the holiday-shortened week. Each of the benchmark indexes listed here closed in the red, with the small caps of the Russell 2000 and the Global Dow losing over 2.50%. The downturn ended a three-week rally for the Dow, a five-week winning streak for the S&P 500, and an eight-week […]
Read MoreCongress Tells Treasury to Expect SECURE 2.0 Technical Fixes
In late May 2023, Congress sent a letter to U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel saying that it will introduce legislation to correct several technical errors in the SECURE 2.0 Act. The letter, signed by Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), chair and ranking member of the Senate Finance […]
Read MoreThe Markets (as of market close June 16, 2023)
Stocks advanced for the third straight week, as each of the benchmark indexes listed here climbed higher. Inflationary pressures may finally be subsiding, according to the latest data (see below). In addition, the Federal Reserve held interest rates at their current range following their meeting last week, although there are indications that at least one, […]
Read MoreThe Markets (as of market close June 9, 2023)
Stocks closed another week higher, with each of the benchmark indexes listed here posting gains. With last week’s advance, the Nasdaq has risen for seven consecutive weeks, while the S&P 500 hit its highest level since August 2022. The S&P 500 is more than 20% above its October 2022 low, putting it in bull territory. […]
Read MoreFiscal Responsibility Act of 2023
The Fiscal Responsibility Act of 2023, signed into law on June 3, 2023, suspends the federal debt ceiling until January 2025. The legislation also includes a number of spending cuts. It is estimated to reduce federal budget deficits by about $1.5 trillion over the 2023-2033 period relative to the May 2023 baseline projections, according to […]
Read MoreThe Markets (as of market close June 2, 2023)
Stocks began the week on a downturn, but rallied later to end last week higher. Each of the benchmark indexes listed here posted solid weekly gains, led by the Russell 2000, followed by the Nasdaq, the Dow, the S&P 500, and the Global Dow. Investors began the week concerned that the debt ceiling agreement between […]
Read MoreWhat You Should Know About the Debt Ceiling Debate
On Monday, May 22, President Joe Biden and House Speaker Kevin McCarthy met at the White House to discuss raising the statutory limit on U.S. government debt, generally called the debt ceiling. Although both leaders termed the discussion “productive,” there was no resolution, and their respective negotiating teams continued discussions.1 Here are some answers to questions […]
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